Research firm Meticulous Research projects a compound annual growth rate (CAGR) of 24.7% in the healthcare virtual assistant market from 2018 to 2025. In the forecast titled Healthcare Virtual Assistant Market – Global Opportunity Analysis And Industry Forecast, the market is expected to generate USD 1.7 billion. Published in January 2019, the study also forecasted trends based on the type of product, technology, end users, and geography.
Factors Driving the Trends
The growth is influenced by several aspects noted by the firm. Among the major factors identified were “increasing adoption of the Internet of Things (IoT), growing internet connectivity and smart phone devices, increasing focus on patient engagement, and shortage of healthcare professionals.”
According to the study, increasing internet connectivity and use of smartphones and mobile platforms ensured more consumers accessing and reaching healthcare services. Advanced technologies enable “critical communications” especially between doctors and patients, and more use of smart devices is expected to aid in the market’s growth.
Key Findings in the Forecast
For artificial intelligence products, the market forecast showed chatbots dominated the major market share in 2018. These AI-powered chatbots increased the availability of healthcare service providers to patients and clients at such low costs.
Trends in the type of technology favor the automatic speech recognition (ASR) market. Research firms agree that in the years 2024 to 2025, the ASR market will witness the largest demand among other AI technologies. In a 2017 study by Global Market Insights, this market is estimated to reach USD 1,023.6 by 2024, compared to text-to-speech, voice recognition, and text-based markets. ASR has enabled physicians to record data and instructions in their electronic health records very easily, leading to lesser paperwork, improved workflow, and reduced time consumption.
As for end-users, trends show healthcare providers becoming the largest group. Main users are hospitals, clinics, and other health centers. Using virtual assistants have improved clinical workflow and efficiency, allowing physicians and hospital staff to focus more on main tasks and deliver quality patient care.
Regions all over the world display varying trends in the use of medical virtual assistants. North America has the highest share in the market in 2017 and 2018. According to Grand View Research, shortage in clinicians or physicians and an “aggressive” healthcare industry in the US have greatly impacted the market. Meanwhile, Asia Pacific is viewed as the fastest growing region specifically in China and India. Cheap labor and low production cost and the increasing awareness of VA solutions among consumers fueled the increase.
Connectivity, IoT, patient-centred engagements, and shortage in healthcare professionals drive the growth of the healthcare VA market. With these trends, the demand for healthcare solutions continues. Thus, the future is set for more advanced technologies, especially those addressing pressing issues like privacy and information security, would set one industry player ahead of others and revolutionize the healthcare industry.